Gemini, Bitstamp, BitFlyer and Bittrex create the Virtual Commodities Association
Several of the largest cryptocurrency exchanges have decided to create a new structure designed to eradicate manipulation in the digital asset market, writes Bloomberg.
The Virtual Commodities Association was formed by Gemini founders Cameron and Tyler Winklevoss. The group also includes Bitstamp, BitFlyer USA and Bittrex, according to a statement released on Monday. Representatives from the four marketplaces will meet in September to secure provisions for the future functioning of the organization.
The Virtual Commodities Association will develop standards for the industry, promote market transparency, and work with regulators, including the US Commodity Futures Trading Commission (CFTC), to prevent manipulation of Bitcoin, Ethereum and other cryptocurrencies.
Maria Filipakis, formerly of the NYC Department of Financial Services, where she helped create a license for cryptocurrency companies wishing to operate in the state, called BitLicense, was appointed as the organization’s interim CEO..
Earlier, the Winklevoss brothers tried to launch their own exchange-traded fund (ETF) tied to bitcoin, but the US Securities and Exchange Commission refused them twice, citing, among other things, the lack of adequate measures to prevent manipulation in the cryptocurrency market as the reasons for their decision..
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